The American television personality and host of CNBC’s Mad Money talk show host Jim Cramer has shown himself to be a Bitcoin critic for some time now. His comments about the leading cryptocurrency have sparked fear, uncertainty, and doubt (FUD) among his audience on several occasions. Still, the asset’s performance has progressed substantially.
Jim Cramer Speaks Against Bitcoin
Although he was once a Bitcoin maximalist, Cramer suddenly shifted to the offensive. As far back as 2021, Cramer started speaking against Bitcoin, declaring that he had withdrawn most of his BTCs, citing the FUD sparked by China’s crackdown on Bitcoin mining facilities established in the country.
Cramer’s intention at the time likely was to advise other users to pull out of investing in the asset. A week later, he bought ETH, touting the crypto asset as having more “game” than BTC. Cramer believes that ETH will outperform BTC as its blockchain offers extensive use cases for multiple decentralized applications (dApps).
Last December, Bitcoin dropped to as low as $16,400, following the ripple effects of FTX’s dramatic downfall. The entire crypto market was soon enveloped by a bearish trend. The untiring Mad Money talk show host stated that investors pulled their funds out of the crypto market while there was still time. Cramer believed that the bearish market would continue for a long time.
On January 9th, Cramer reechoed his advice that investors flee from the crypto market. At the time, BTC traded for around $17,000.
“Good chance AGAIN to get out of crypto and scale out of Chinese stocks as neither can be trusted,” he wrote.
These negative comments have earned him the title, Inverse Cramer, within the crypto community on Twitter.
BTC Up 81% on a YTD Scale
Despite Cramer’s comments against BTC, the asset has continued to grow. Since the American TV personality posted his tweet on January 9th, Bitcoin’s price has risen to $31,300, representing an 81% increase.
BTC’s price increase can be attributed to several factors, such as the adoption of the network for trading non-fungible tokens (NFTs) through the Bitcoin Ordinals theory. Another recent factor is the move made by investment firms to file for a Spot Bitcoin ETF financial product.
